CBN Halts Action on Cashless Policy

CBN Halts Action on Cashless Policy

The Central Bank of Nigeria (CBN) in agreement with the Bankers Committee on Friday put on hold the roll out of cashless policy exercise nationwide.

This is against the background of the plan to embark on infrastructural development in other states such that when it is rolled out, it will be without challenge to customers and to the banking public generally.

Currently cashless Nigeria is running in five States plus the federal capital territory. The states are Lagos, Ogun, Anambra, Rivers and Kano plus Abuja.

“Apart from cash the banking sector has invested a lot of money in building infrastructure to enhance safe transactions on e-payment platform. For instance we have the mobile payment and it is working efficiently within and outside the country. We encourage all the customers to migrate a whole lot of their transactions to these platform because it guarantees safety of money”, Segun Oloketuyi, managing director/CEO Wema Bank plc said while addressing the media after the Bankers Committee meeting held in Lagos.

Show/Hide Comments

0 thoughts on “CBN Halts Action on Cashless Policy”

More from this Category

Samsung abandon plans to set up manufacturing plant in Nigeria

Published on: January 20, 2018

By: Nigeria Consumers

Samsung has dropped the idea of establishing a manufacturing plant in Nigeria because its market share in the country is not big enough, reports CommunicationsWeek citing the firm’s Africa CEO, Sung Yoon. Yoon told a media briefing in Nigeria that manufacturing a mobile phone requires 400 components and that none is available in Nigeria. He […]

Truecaller Introduces Backup for Android

Published on: January 20, 2018

By: Nigeria Consumers

Technology company, Truecaller, has announced its latest offering, ‘Truecaller Backup for Android’, an innovation that allows users to back up and restore phone contacts, call history, block list and settings to Google Drive. The latest which is an advanced technology was concluded to improve consumers’ experience and address their yearnings. In a statement issued by […]